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Biggest hedge funds v. US politicians; Who performed better in 2023?

Biggest hedge funds v. US politicians; Who performed better in 2023?

In 2023, the US stock market orchestrated a remarkable comeback, shaking off the shadows of the 2022 downturn. 

Increased investor appetite for equities translated into solid returns for major hedge funds, some even outperforming the broader market benchmarks. Meanwhile, 2023 was another year of active stock trading among US congressmen and representatives, leading to noteworthy profits. 

Today, on January 4, we take a closer look at how the largest hedge funds stacked up against the most financially engaged politicians, unraveling the tale of who truly dominated the lucrative investment scene in 2023.

Performance comparison

Numerous hedge funds were caught by surprise last year after an abrupt surge in bond yields, causing the majority to underperform compared to stock market indexes. Still, a select few managed to achieve double-digit gains, largely due to the robust performance of the AI-driven technology sector. 

D.E. Shaw, one of the prominent investment management firms, saw its largest hedge fund gain 10% in 2023 after fees. This performance stood out amidst mixed results across various multi-strategy and macroeconomic hedge funds, grappling with the challenges presented by volatile global markets. 

During the same period, Ken Griffin’s Citadel saw a 15.3% return in its main Wellington hedge fund, while billionaire investor William Ackman’s hedge fund Pershing Square Capital Management posted a 26.7% gain, one of the few that beat the market. 

While those returns are indeed lucrative, certain ‘copy-trade’ portfolios mirroring the investment strategies of American politicians staged an even more impressive performance.

Notably, the “Congress Buys Strategy,” a trading bot that purchases stocks bought by influential US Congressmen and representatives, witnessed a 35% return in its portfolio in 2023. 

Simultaneously, a similar strategy that tracks purchases of the former Speaker of the House, Nancy Pelosi, saw a whopping 61% gain last year. 

Both of these copy-trade portfolios were developed by Quiver Quantitative, an alternative trading data platform.

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